Carlsberg And Heineken Nurse S&N Hangover

When Carlsberg and Heineken jointly acquired UK-based brewer Scottish & Newcastle (S&N) and sliced up its assets there was plenty of discussion over which firm had got the better end of the bargain. The companies have posted diverging financial results for 2008, with Heineken's net profit falling by 74% and Carlsberg's increasing by 15%. However, part of this divergence reflects Heineken's more conservative valuation of its business in the slowing Russian market and there is a strong argument that in fact both firms overpaid for S&N's assets.

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